Two barrels of oil looming profits transfer chain who earned 63.3 billion

The cost of crude oil is accounted for at international prices, and the spread is "fierce"; imported oil may have "buy up and drop" to force up oil refining costs; downstream sales profits will be converted to "low prices".

On the one hand, the overall profit of 160 billion yuan, on the other hand, is a loss of 60 billion yuan in refining. PetroChina and Sinopec’s “confused” bills were once again pushed to the cusp with a series of data released by the National Development and Reform Commission.

According to the latest data released by the National Development and Reform Commission, the net loss of the domestic refining industry in the first 9 months was 1.17 billion. PetroChina and Sinopec’s financial report showed that the losses in the refining business in the first three quarters reached 41.5 billion yuan and 23.09 billion yuan respectively, totaling 64.5 billion yuan.

According to officials from the National Development and Reform Commission, the reason for the disparity in the data is based on different statistical criteria.

Zhou Dadi, deputy director of the National Energy Experts Advisory Committee, said that from the industry point of view, oil companies such as PetroChina and Sinopec said that “a loss of 64.5 billion yuan” refers to a loss in the refining sector, while the statistics bureau and the NDRC said that the oil refining industry includes other businesses. Including the chemical and refining business, given the good profitability of the chemical business, the loss in refining has also been filled.

However, there are many doubts about this explanation. According to calculations by the National Development and Reform Commission, the industry-wide losses are only 1.8% of the losses of the two major oil companies. This means that in addition to the two major companies in China, the profit of other refining companies in the first nine months was as high as 63.33 billion yuan.

On November 28, a person from the Shandong Provincial Refining and Chemical Industry Association pointed out that the two giants have occupied more than 80% of the domestic refining market for a long time, and their refineries are mostly at the 10 million-ton level. In contrast, they survive in the cracks. The local refineries in China are generally small in scale, and even if they guarantee the oil source and the horsepower, it will be difficult to achieve more than 60 billion profit.

“The NDRC's statistical data on the entire industry should not be a problem, but the losses of PetroChina and Sinopec are unbelievable,” the source said.

Cui Xinsheng, chairman of China National Petroleum Industry Investment Management Co., Ltd., said that petrochemical hitches have not announced any key factors involving accounting, and the loss statement is also difficult to convince.

"Unless you tell me how much each barrel of crude oil is used for, and how much, is the cost of refining, the cost is not announced, and where does the loss begin?" said Cui Xinsheng.

Huge loss, or sudden profits

PetroChina and Sinopec crude oil cost accounting prices are based on international oil prices. And the high profit margin between the two is less known to outsiders.

For a long time, PetroChina and Sinopec have never had any explanation about the cost of domestic crude oil extraction in their loss arguments. It is noteworthy that the prices calculated in their accounts are all based on international oil prices. The high profit margin between the two is also less known to outsiders.

A person in charge of a private oil company who has maintained many years of business relations with Sinopec's Shengli Oilfield revealed that, under normal circumstances, the oil giants are keeping their mouths on the cost of domestic crude oil, and the specific data are not consistent. But even so, "far below the international oil price is certainly an indisputable fact."

“What I learned is that the cost per barrel of crude oil in the country is probably more than 20 US dollars. In the past few years, it was about 10 US dollars. The trick is here. No matter how much oil companies use for domestic crude oil, they will end up with The reasons for international convergence have entered the market in accordance with international oil prices." The above-mentioned private enterprises told this reporter.

According to the reporter's review of the first nine months of international oil prices, due to factors such as Libya’s war and the European debt crisis, international oil prices have been declining for a time and the overall trend has remained strong.

The latest data from the New York Stock Exchange crude oil market shows that as of 5 pm local time on November 28, international oil prices once again broke the hundred yuan mark and soared to $100.25, or 3.6%.

“When the international oil price fluctuates around US$100, the difference in the exploitation costs of PetroChina and Sinopec reaches nearly 80 US dollars, but this part of the profits has not been written into the financial report,” the source said.

In addition, Wang Yong, the former secretary-general of the National Association of Industrial and Commercial Oil Merchants, also pointed out that the state oil company has raised the price of self-produced crude oil, and there are still phenomena of “buy up and drop” when importing oil.

"The higher the international oil price, the more you buy, the lower the international oil price will not buy, so the purpose of this operation is to raise domestic oil prices." Wang Yong said.

The reporter learned that China’s annual oil consumption of more than 400 million tons, several major oil companies own about 200 million tons of self-equivalent, of which more than half depends on imports.

"The use of international oil prices as cost accounting for financial reports is definitely a loss. The other part of the cost of production is never announced. This kind of deception is difficult to stand on," said Cui Xinsheng.

Something is wrong, something is wrong

The profit transfer chain can get the effect of “one arrow, double carving”

When PetroChina and Sinopec's large-scale refining and refining business suffered heavy losses, its downstream sales end was greatly favored. It is noteworthy that this kind of profit transfer will not only affect its overall performance, but it will be able to obtain the effect of “one arrow, double-edging”.

Zhao Youshan, chairman of the China Circulation Trade Committee's Petroleum Circulation Committee, pointed out that in fact, the profits from downstream petrochemical sales have completely filled its emphasis on the refining sector, and that refineries are also pushing down prices.

“On the one hand, this can exert pressure on the NDRC to increase oil prices. On the one hand, it can apply for a subsidy to the country in a loss-making attitude. However, from the overall operating situation, the oil companies have earned enough money,” said Zhao Youshan.

The reporter learned that from the beginning of this year to October, the wholesale price of oil products supplied by refineries to petrol stations was a little more than a thousand dollars compared with the maximum retail price stipulated by the National Development and Reform Commission. This kind of “piling upside down” means that each petrol station Selling a ton of gasoline can earn more than 1,300 yuan.

According to the financial reports of the two major oil companies, the net profit of the two major groups in the first three quarters was 160 billion yuan, equivalent to a daily profit of 600 million yuan.

The above-mentioned private business people also told this reporter that despite the constraints of the recipient system, the management costs of PetroChina and Sinopec are relatively high, but according to the market normal, there are several billions of losses in the refining industry in the Middle East.

“Most of the domestic refineries have to import fuel oil for refining because of lack of oil sources. Compared to crude oil, the cost is even higher. Even local refineries can make profits,” said the private entrepreneurs. The cost of refining per ton of fuel oil is about 1,300 yuan more than using crude oil.

At the same time, an insider of the oil company also disclosed to this reporter that prior to this, in order to improve the refining and technological level, the country once allocated special funds to PetroChina and Sinopec to upgrade the refinery plant, but the two oil companies Its refineries are often in a state of "hunger." “Their own refineries are idle and hand over the oil to private companies. In addition, the quotas allocated by many countries to private companies have finally lost their hands. The quotas have been transferred to the three major oil companies’ three-company companies. The gray area outside the system," said the source said.